ERICSSON 'PROFIT WARNING' CASTS SHADOW OVER TELECOMS SECTOR.
The surprise announcement by the Swedish telecommunications group Ericsson on December 10 that it was lowering its profit forecasts for 1998, caused the value of company shares to plummet, pulling down the value of other giants such as Alcatel and Nokia with it. Ericsson also announced plans for "substantial" job cuts that may affect as many as 10,000 posts. The telecommunications sector had already suffered a seismic shock on September 17, when Alcatel became the first group to announce...
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